User-friendly complaint system needed at BCFP
FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; firstname.lastname@example.org
Washington, DC (July 16, 2018) – Credit Union National Association (CUNA) calls for an evaluation of the complaint system at the Bureau of Consumer Financial Protection (BCFP) in its comprehensive white paper. While consumer satisfaction is high among credit union services, CUNA recognizes the need for a user-friendly and efficient process.
“Even though the number of credit union-related complaints is extremely low, to ensure the complaint intake process is effective, we urge the bureau to take steps so that the number of non-substantive and meritless complaints does not increase,” the white paper reads. “Thus, we urge the bureau to revisit the complaint intake system’s process of filtering out clearly frivolous consumer complaints.”
CUNA is also requesting the Bureau to reexamine its marketing of the complaint system. Since most credit unions are not regulated by the Bureau, complaints should be directed to NCUA, which has its own processes in place.
“The bureau’s marketing directs consumers to the bureau’s complaint system, which causes confusion and delays in response when those consumers are then redirected to the NCUA and/or the credit union directly,” the white paper reads. “The bureau should explore how it can revise its marketing to alleviate consumer confusion and reduce unnecessary correspondence among agencies, institutions, and consumers.”
Additional, comments from CUNA also recommend the Bureau:
- Take appropriate steps to verify the legitimacy and accuracy of a consumer’s complaint and/or compliment prior to public disclosure; and
- Explore improvements to the current system, which CUNA believes makes it possible that some institutions are effectively unable to respond to consumers’ narrative description of complaints due to privacy restrictions.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.